Taxpayers 'won't foot bill' if €13bn Apple tax fund falls in value

According to the Financial Times, Apple will start paying by making a large initial transfer next month, and then will pay about €1 billion in each of multiple instalments through September.

In a statement this morning the Commission described the Government measure's scope and design as being "consistent" with its health objectives, namely in the area of tackling obesity and other sugar related diseases.

At the center of the original dispute is whether the extremely low 0.005% effective tax rate granted to Apple by the Irish government was legally allowed.

Minister for Finance Paschal Donohoe has said a legal agreement between the Government and Apple will be signed today that will facilitate the establishment of an escrow account to collect the €13 billion the European Commission says is due to Ireland in back taxes from the USA tech giant.

Reuters reports that the appeal against the EC's decision is expected to be heard this autumn by the European Court of Justice.

But Finance Minister Paschal Donohoe says he will on Tuesday sign an agreement setting up the escrow account that will hold the payments while Apple and Ireland appeal. "However, as committed members of the EU, Ireland is intent on complying with our binding legal obligations in this regard", Donohoe said. Apple and Ireland have rejected the finding and are appealing...

Bank of New York Mellon has been selected as preferred tenderer for the provision of escrow agency and custodian services in relation to the account while Amundi, Blackrock Investment and Goldman Sachs have been selected to manage the money.

"Any loss from the fund will reside with the fund, not with the taxpayer", he said.

The Irish government said it still "fundamentally disagrees" with the decision by the Commission to consider the tax arrangement with Apple in Ireland a form of illegal state aid. Both Ireland and Apple appealed the ruling.

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